Mr. Derek Liu reports

CANICKEL ANNOUNCE $20 MILLION IN COMMITTED EQUITY

Canickel Mining Ltd. has entered into an equity financing agreement with Haverstock Master Fund Ltd., a fund managed by Haverstock Manager LLC, to secure access to funds on an as-needed basis for up to $20-million through a committed equity facility. The issue and sale of common shares of the company under the facility is subject to regulatory approval.

The CEF enables the company, over a period of 36 months, to receive the greater of $500,000 and the average daily trading dollar volume for the five days preceding a drawdown notice issued by the company under the CEF for each drawdown, subject to the amount remaining on the CEF. The timing of any drawdown is at Canickel's sole discretion and the company is able to set a minimum price of each drawdown.

Pursuant to the terms of the CEF, Canickel will issue common shares to Haverstock at a price equal to, as applicable, 93 per cent of the market price (defined herein) if the market price is 15 cents and above, 90 per cent of the market price if the market price is below 15 cents or 95 per cent of the market price if the market price is above 75 cents. The market price is the higher of the volume-weighted average trading price of the common shares for each trading day during the five consecutive trading days subsequent to the date of the drawdown notice under the CEF and the floor price.

Dr. Dianmin Chen, chief executive officer of the company, commented: "The committed equity facility provides Canickel dedicated capital which offers security to our customers, employees and shareholders. The as-needed structure is very positive as the company is making great improvements in ramping up its production at Bucko Lake mine and is planning for a more aggressive exploration program in its highly promising exploration areas that the company would like to see reflected in the share prices before any significant dilution occurs. It also provides the company with options for expansion and acquisition opportunities."

Canickel and Haverstock will jointly apply for exemptive relief from certain Canadian securities regulators from certain dealer registration, prospectus form and prospectus delivery requirements which are applicable to the prospectuses it must file in connection with the CEF. If the securities regulators do not accept the form of requested relief, the CEF may need to be amended. If the securities regulators deny the requested relief, the CEF will be terminated.

The distribution of any common shares under the CEF must be qualified by a prospectus. Prior to the exercise of any drawdown under the CEF, Canickel will file a final base short form prospectus and a prospectus supplement describing the CEF and the requested relief. In the case of each drawdown, a separate pricing supplement will be filed describing the terms of the particular drawdown. The facility cannot be drawn down until Canickel and Haverstock have received such exemptive relief, and Canickel has filed and had a receipt issued for its final shelf prospectus and has filed the related prospectus supplement in connection with the facility and the pricing supplement for each drawdown. Any issuances of common shares under the CEF will also be subject to the prior approval of the Toronto Stock Exchange.

Haverstock may resell any common shares, at its discretion, through registered dealers trading through the Toronto Stock Exchange. Canickel is under no obligation to draw from the CEF and remains at all times free to enter into other financing transactions, with the exception of similar transactions.

In consideration for entering into the CEF Canickel has agreed to pay Haverstock an implementation fee of $200,000 and issue two promissory notes to Haverstock in the amount of $100,000 each.

For further information, investors are urged to consult the full text of the CEF, a copy of which is filed under Canickel's profile on SEDAR.

About Haverstock

Haverstock is an institutional investor with an investment objective to seek capital appreciation through the general strategy of investing in public securities of companies in the United States and elsewhere through direct equity purchases from such companies. The portfolio manager of Haverstock, David Ratzker, has structured more than $300-million (U.S.) worth of investments in publicly traded corporations in a variety of sectors, including mining, energy, clean techologies, telecommunications, consumer and education.

We seek Safe Harbor.